HASTINGS, MINN. — Dougherty Funding LLC has closed $6 million in acquisition financing for Oak Ridge Assisted Living of Hastings. The 67-unit property is located in Hastings and sits on nearly three acres. The facility, built in 2001, is comprised of both assisted living and memory care units and was 96 percent leased as of August 2014. Dougherty Funding LLC serves as lead lender for the loan, which was arranged for the borrower, Hastings ACQ LLC.
HOUSTON — Grandbridge Real Estate Capital has arranged construction financing for The Hamilton Apartments, a planned complex in Houston’s central business district, on behalf of a local partnership. Gill Dolan of Grandbridge originated the transaction. The Hamilton Apartments will be located at the southern end of downtown Houston. The complex will feature 148 units with five stories of residential units over a two-story parking garage.
PLANO, TEXAS — In a joint venture, Olympus Property and Artemis Real Estate Partners have acquired Legends at Ridgeview Ranch, an apartment complex in Plano. The property is a Class A, 480-unit community built in 1999. It sits on 34 acres along the Ridgeview Ranch Golf Course near Legacy Business Park. The joint venture plans to spend about $2 million to complete an interior renovation and to enhance common areas. Olympus Property will manage the property.
HOUSTON — HFF has arranged financing for Seventeen15 Enclave, a 206-unit, Class A apartment complex in Houston. HFF worked on behalf of the borrower, Allen Harrison Co., to secure the 10-year, fixed-rate loan with five years of interest-only payments through MC Five Mile Commercial Mortgage Finance. The property is located at 1715 Enclave Pkwy. near Eldridge Parkway and Briar Forest Drive in west Houston. The apartment property is 95 percent leased and offers one- and two-bedroom floor plans ranging between 733 square feet and 1,205 square feet. Amenities include a swimming pool, gym, clubhouse, game room and coffee bar. Cortney Cole and Chris Rider led HFF’s debt placement team.
CINCINNATI — Village Green has purchased 309 Vine St. in downtown Cincinnati and plans to redevelop the 300,000-square-foot building into a mixed-use property. The redeveloped building is set to open under a new name in 2016. Plans for the property include the addition of luxury apartments, penthouses, a market, restaurant and offices. The 1920s era, Beaux–Arts commercial building was originally an annex to the PNC Tower. In the 1800s it was the site of The Burnet Hotel, known for hosting President-elect Abraham Lincoln on his inaugural journey to Washington D.C.
COON RAPIDS, MINN. — Dougherty Mortgage LLC has arranged a $5 million Fannie Mae loan for the refinancing of Northtown Crossings, a 48-unit market rate apartment property in Coon Rapids. Units feature ceramic tile entries, oversized master suites, large kitchens with microwaves and breakfast bars, nine-foot ceilings and ample closet space. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Northtown Crossings LLC.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a three-building multifamily portfolio in New York City’s Washington Heights neighborhood. The 60-unit portfolio, which totals 45,543 square feet, sold for $10 million. The property at 432-434 West 163rd St. is a six-story walk-up with 30 two-bedroom residential units. The two contiguous buildings at 612-618 West 182nd St. also offer 30 residential units with two one-bedroom units, three two-bedroom units, 15 three-bedroom units and 11 four-bedroom units. Each property also features a super’s unit in the basement. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Marko Agbaba represented the seller and procured the buyer, both private investment firms, in the transaction.
PRINCETON, TEXAS — Dougherty Mortgage has arranged a $1.2 million Fannie Mae loan for the refinancing of Hazelwood Apartments, a multifamily property located in Princeton. The 10-year loan includes a 30-year amortization schedule and was arranged by Dougherty’s Dallas office for the borrower, Tenant Landlord Connection Properties LLC.
HOOVER, ALA. — Berkadia has brokered the $63.4 million sale of a three-property, 825-unit multifamily portfolio in Hoover known as the “Hoover 3 Portfolio”. The properties — Park at Galleria, Place at Galleria and Renaissance at Galleria — sold for $76,784 per unit. David Oakley, David Etchison and Royce Emerson of Berkadia represented the seller, CLK Properties, in the transaction. The buyer was Chicago-based Intercapital Partners Ltd.
MIAMI — Grass River Property has commenced construction on Grove Station Tower, a transit-oriented apartment community located a half-block from the Coconut Grove Metrorail station in Miami. The 184-unit project will be located at 2700 SW 27th Ave. upon completion in early 2016. Grove Station Tower will comprise one-, two- and three-bedroom apartments averaging 1,000 square feet. The property will also feature 6,000 square feet of ground-floor retail space. The design team includes architect Behar Font & Partners and general contractor Ortega Juneau Construction Co.
